Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Comcast Corporation’s recent second quarter results reflect ongoing strategic transitions across its three main segments: Connectivity & Platforms, Content & Experiences, and Parks.</li><li>The company is executing a significant separation into two independent entities, seeking to provide each business with greater focus and agility amid evolving market dynamics.</li><li>This structural change is expected to be completed in roughly one year and involves finalizing details including capital structure and investment-grade positioning for both companies.</li></ul>

Comcast Corporation’s recent second quarter results reflect ongoing strategic transitions across its three main segments: Connectivity & Platforms, Content & Experiences, and Parks.The company is executing a significant separation into two independent entities, seeking to provide each business with greater focus and agility amid evolving market dynamics.This structural change is expected to be completed in roughly one year and involves finalizing details including capital structure and investment-grade positioning for both companies.

Comcast Corporation’s Big Split — Can Two Companies Unlock More Value?

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.</li>
<li>The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.</li>
<li>Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.</li>
</ul>



Walmart (WMT US) is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.
The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.
Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.


Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

Alnylam Pharmaceuticals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>, <a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> and <a href="https://www.smartkarma.com/entities/seagate-technology-holdings-pl" target="_blank" data-smartkarma-citation="entities:9129:1" rel="noopener">Seagate Technology Holdings (STX US)</a> are the top 3 addition candidates with ALNY at the top.</li>
<li>
<a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a>, <a href="https://www.smartkarma.com/entities/cdw-corp-de" target="_blank" data-smartkarma-citation="entities:2244:1" rel="noopener">CDW Corp (CDW US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen (BIIB US)</a> are the top 3 deletion candidates with GFS at the bottom.</li>
<li>Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.</li>
</ul>



Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.

GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.


Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

<ul><li>Comcast is getting ready to split itself into two public companies next year, and the move instantly changes the conversation around NBCUniversal.</li><li>The connectivity business will stand apart from the entertainment business, while NBCUniversal becomes a focused media company built around studios, NBC, Telemundo, Bravo, Peacock, Sky, sports rights, and Universal theme parks.</li><li>That sounds like corporate restructuring, but it may be more than that.</li></ul>

Comcast is getting ready to split itself into two public companies next year, and the move instantly changes the conversation around NBCUniversal.The connectivity business will stand apart from the entertainment business, while NBCUniversal becomes a focused media company built around studios, NBC, Telemundo, Bravo, Peacock, Sky, sports rights, and Universal theme parks.That sounds like corporate restructuring, but it may be more than that.

Comcast Just Made NBCUniversal Hollywood’s Hottest Takeover Target!

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Comcast will split into pure-play Connectivity (broadband, wireless, business services) and NBCUniversal (studios, parks, streaming, sports, Sky) entities via a tax-free spin-off closing in ~12 months</li>
<li>Separation targets a persistent conglomerate discount. Comcast trades near 5x EBITDA versus a ~8x-10x media sector multiple</li>
<li>Management denies M&amp;A intent, but downstream consolidation scenarios could be a possibility, including a Comcast/Charter tie-up and a Netflix/NBCUniversal streaming combination</li>
</ul>


Comcast will split into pure-play Connectivity (broadband, wireless, business services) and NBCUniversal (studios, parks, streaming, sports, Sky) entities via a tax-free spin-off closing in ~12 months
Separation targets a persistent conglomerate discount. Comcast trades near 5x EBITDA versus a ~8x-10x media sector multiple
Management denies M&amp;A intent, but downstream consolidation scenarios could be a possibility, including a Comcast/Charter tie-up and a Netflix/NBCUniversal streaming combination


Comcast/NBCUniversal Spin-Off – Does Splitting Media from Connectivity Unlock Value?

United States

Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Comcast Corp Class A (CMCSA US)

Comcast Corporation’s Big Split — Can Two Companies Unlock More Value?

Comcast Corporation’s recent second quarter results reflect ongoing strategic transitions across its three main segments: Connectivity &...

Baptista Research

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

AstraZeneca (AZN) will delist its ADRs from Nasdaq and transition to a direct listing of its ordinary shares on the NYSE on 2 February. As a...

Dimitris Ioannidis

Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

Comcast Just Made NBCUniversal Hollywood’s Hottest Takeover Target!

Comcast is getting ready to split itself into two public companies next year, and the move instantly changes the conversation around...

Baptista Research

Comcast/NBCUniversal Spin-Off – Does Splitting Media from Connectivity Unlock Value?

Comcast to split into Connectivity and NBCUniversal entities to address conglomerate discount, potential for downstream consolidation scenarios.

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Comcast Corporation’s Big Split — Can Two Companies Unlock More Value?

Comcast Corporation’s recent second quarter results reflect ongoing strategic transitions across its three main segments: Connectivity &...

Baptista Research

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

AstraZeneca (AZN) will delist its ADRs from Nasdaq and transition to a direct listing of its ordinary shares on the NYSE on 2 February. As a...

Dimitris Ioannidis

Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

Comcast Just Made NBCUniversal Hollywood’s Hottest Takeover Target!

Comcast is getting ready to split itself into two public companies next year, and the move instantly changes the conversation around...

Baptista Research

Comcast/NBCUniversal Spin-Off – Does Splitting Media from Connectivity Unlock Value?

​Comcast to split into Connectivity and NBCUniversal entities to address conglomerate discount, potential for downstream consolidation scenarios.

GSBR Research

Comcast to split into Connectivity and NBCUniversal entities to address conglomerate discount, potential for downstream consolidation scenarios.